Conservative Groups - Governance

Steven Milloy has withdrawn a resolution at ExxonMobil that asked it to report annually on the incurred costs and associated significant and actual benefits that have accrued to shareholders, the public health and the environment, including the global climate, from the company’s environment-related activities that are voluntary and that exceed U.S. and foreign compliance and regulatory requirements.

Milloy withdrew after Exxon asserted at the SEC that the proposal was too vague, related to ordinary business and moot. The withdrawal came before any SEC response and Milloy did not indicate in his correspondence that he reached any accord with the company.

Another resolution is from David Ridenour at Facebook, asking for a report on

A description of the specific minimum qualifications that the Board’s nominating committee believes must be met by a nominee to be on the board of directors; and

Each nominee’s gender, race/ethnicity, skills, ideological diversity and experience presented in a chart or matrix form.

It appears to be trying the copy-cat approach of the other NCPPR resolutions on lobbying, in this case taking language the NYC pension funds are using to encourage greater board diversity (see the Board Diversity section). The company has challenged the resolution at the SEC, arguing the proponent failed to substantiate his stock ownership. The proposal says that the information it seeks is only to “satiate liberal bean counters” and that “true diversity comes from diversity of thought,” which is missing at the company “and in Silicon Valley generally”—thus presenting risks to the company.